LOLC Al-Falaah voted Best Islamic Leasing Provider
View(s):LOLC Al-Falaah, the alternate finance arm of LOLC Finance, Sri Lanka’s largest Non-Banking Financial Institution (NBFI), was crowned the Best Islamic Leasing Provider of the year by IFN’s 1st Non-Banking Financial Services Polls for 2020. Al-Falaah emerged the winner by the largest margin across all categories, acquiring 60 per cent of the global votes, the company said in a media release.
For the first time, IFN is awarding NBFIs for their exceptional performance and contribution to the global Islamic finance industry. In its latest update, IFN says NBFIs play a crucial role in fulfilling the financing demand that cannot be met by banking institutions. For their indispensable contribution to the global Islamic finance industry, IFN is honoured to be recognising the top Islamic NBFIs through the inaugural IFN Non- Banking Financial Institutions Poll 2020 as voted by the readers of IFN.
In the statement, Shiraz Refai, Deputy General Manager of LOLC Al-Falaah thanked their valued customers and stakeholders for the confidence placed with “us and voted us to be the best in the specified NBFI award category”.
Speaking about the achievement, Krishan Thilakaratne, LOLC Group Head of Alternate Finance said, “It’s a very proud moment for all of us at LOLC Al-Falaah as this award reinstates the company’s commitment towards providing some of the industry’s finest financial solutions. I would like to thank each member of our staff for their relentless contribution and dedication towards this remarkable achievement. We will continue to be guided by the principles we uphold, and look forward to achieving many more milestones in the future.”
LOLC Al-Falaah, with over a decade of experience in the alternate finance landscape of Sri Lanka, functions directly under the auspices of LOLC Finance PLC). LOLC Finance which is a regulated Finance Company of the Central Bank of Sri Lanka (CBSL) is rated [SL] A with stable outlook by ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd.